TiVo shares jump on reported Motorola settlement

TiVo Inc. shares jumped more than 8% on reports that it reached a settlement… (TiVo )

This post has been updated. See below for details.

Shares of TiVo Inc. jumped more than 8% on Thursday because of a report that the set-top box maker had reached a settlement with Google's Motorola Mobility unit.

TiVo sued Motorola last year for billions of dollars for patent infringement over its digital video recording technology. Motorola previously hit TiVo with a lawsuit over its DVR technology in 2011.

Bloomberg News reported Thursday afternoon that TiVo and Motorola had settled the patent dispute, citing a clerk in the trial judge's chambers. The trial was supposed to begin next week, according to Bloomberg.

Michael Boccio, a spokesman for TiVo, said the company had no comment.

A Motorola spokesman said "we're pleased that all parties involved have reached an agreement to resolve pending litigation."

Google bought Motorola in May 2012 for $12.5 billion.

TiVo shares rose $1.05, or 8.3%, to $13.71 at the close of trading in New York.